Advertisement
YOU ARE HERE: LAT HomeCollectionsRhode Island Share Deposit Indemnity Corp
IN THE NEWS

Rhode Island Share Deposit Indemnity Corp

FEATURED ARTICLES
BUSINESS
January 10, 1991 | From United Press International
Rhode Island Republicans are urging Gov. Bruce Sundlun to let the federal government conduct an independent investigation of the statewide banking crisis. Rep. Ronald K. Machtley (R-R.I.) has asked U.S. Atty. General Dick Thornburgh to contact Sundlun and offer to form a federal task force to look into the crisis. Sundlun closed 45 credit unions, loan and investment firms and banks on Jan.
ARTICLES BY DATE
BUSINESS
April 13, 1992 | From Associated Press
A fugitive banker accused of embezzling $13 million and setting off Rhode Island's banking collapse surrendered early Sunday after 17 months on the run. Joseph Mollicone Jr., 48, gave himself up to authorities at 1 a.m. at the home of attorney Thomas DiLuglio Sr., whose nephew is married to the banker's daughter, state Atty. Gen. James O'Neil said.
Advertisement
BUSINESS
July 13, 1991 | From Associated Press
A former bank insurance official whose agency's collapse crippled dozens of Rhode Island banks gave a litany of refusals when prodded to explain large withdrawals he made on the eve of the banking crisis. Peter A. Nevola, reading from a card, recited nine times his Fifth Amendment right against self-incrimination during the third day of public hearings Thursday. The sessions resume Monday. Nevola headed the Rhode Island Share & Deposit Indemnity Corp.
BUSINESS
July 13, 1991 | From Associated Press
A former bank insurance official whose agency's collapse crippled dozens of Rhode Island banks gave a litany of refusals when prodded to explain large withdrawals he made on the eve of the banking crisis. Peter A. Nevola, reading from a card, recited nine times his Fifth Amendment right against self-incrimination during the third day of public hearings Thursday. The sessions resume Monday. Nevola headed the Rhode Island Share & Deposit Indemnity Corp.
BUSINESS
April 13, 1992 | From Associated Press
A fugitive banker accused of embezzling $13 million and setting off Rhode Island's banking collapse surrendered early Sunday after 17 months on the run. Joseph Mollicone Jr., 48, gave himself up to authorities at 1 a.m. at the home of attorney Thomas DiLuglio Sr., whose nephew is married to the banker's daughter, state Atty. Gen. James O'Neil said.
BUSINESS
February 7, 1991 | BARRY BEARAK, TIMES STAFF WRITER
After 36 mortifying days, about 250,000 scared-out-of-their-wits Rhode Island savers may finally have a way to get at their frozen bank accounts. But they may not get all their money--soon or ever. Late Tuesday night, a month of haggling behind them, Gov. Bruce Sundlun and leading legislators announced a bailout plan for 15 banks and credit unions whose accounts were insured by a failed private guarantor. The compromise has mixed news for all parties.
BUSINESS
January 2, 1991 | From Times Wire Services
Steady streams of disappointed customers were turned away this morning from offices of 45 banks and credit unions closed by the state's new governor. "I heard it this morning on television. It blew my mind," Evelyn Skillings said as she climbed out of her car at an East Providence Credit Union branch. "How are you going to pay bills? How are you going to manage?" the elderly woman said, echoing the fears of many depositors. Newly sworn-in Gov. Bruce G.
BUSINESS
January 17, 1991 | From Times Wire Services
Gov. Bruce Sundlun gave Rhode Island credit unions and banks that were closed because of the current banking crisis one more week today to obtain the federal insurance they need to reopen. The governor also called on Atty. Gen. James O'Neil to appoint an independent prosecutor to investigate the event that led to the crisis--the collapse of the Rhode Island Share and Deposit Indemnity Corp. Sundlun gave the credit unions and banks breathing room by pushing back to Jan.
BUSINESS
January 8, 1991 | From United Press International
State lawmakers will conduct a formal inquiry into events leading to a statewide banking crisis that shut down 45 institutions and cut off Rhode Islanders from $1.7 billion in deposits, legislative leaders said Monday. The probe will be conducted by the House Judiciary Committee, whose chairman, Jeffrey Teitz (D-Newport) said his committee will be thorough in its inquiry, regardless of whether it focuses on prominent House members.
BUSINESS
January 7, 1991 | From Associated Press
Gov. Bruce G. Sundlun appeared on interview shows and at other forums through the weekend to reassure Rhode Islanders that a dozen reinsured credit unions that are set to open today are stronger than ever and depositors' money should be left in them. Twelve of the 45 credit unions and banks that Sundlun closed hours after taking office last week have obtained federal insurance, paid their premiums, signed contracts with the National Credit Union Administration and are set to open.
BUSINESS
February 7, 1991 | BARRY BEARAK, TIMES STAFF WRITER
After 36 mortifying days, about 250,000 scared-out-of-their-wits Rhode Island savers may finally have a way to get at their frozen bank accounts. But they may not get all their money--soon or ever. Late Tuesday night, a month of haggling behind them, Gov. Bruce Sundlun and leading legislators announced a bailout plan for 15 banks and credit unions whose accounts were insured by a failed private guarantor. The compromise has mixed news for all parties.
BUSINESS
January 10, 1991 | From United Press International
Rhode Island Republicans are urging Gov. Bruce Sundlun to let the federal government conduct an independent investigation of the statewide banking crisis. Rep. Ronald K. Machtley (R-R.I.) has asked U.S. Atty. General Dick Thornburgh to contact Sundlun and offer to form a federal task force to look into the crisis. Sundlun closed 45 credit unions, loan and investment firms and banks on Jan.
BUSINESS
January 4, 1991 | From Reuters
Federal regulators said Thursday that they will insure 22 credit unions in Rhode Island's banking crisis, but refused coverage to 11 larger institutions because they have bad loans on their books. After scrutinizing the institutions' financial data, regulators found that the 11 credit unions, with total assets of $1 billion, had a high proportion of non-performing commercial real estate and other loans.
BUSINESS
January 7, 1991 | From Times Wire Services
Gov. Bruce G.Sundlun Sunday announced a plan to return frozen assets to depositors at 16 closed banks and credit unions that failed to qualify for federal deposit insurance. The move came after the governor spent much of the weekend appearing on interview shows to try to persuade depositors at another 22 closed credit unions not to pull their money when the institutions reopen today. The 22 were able to qualify for federal deposit insurance.
Los Angeles Times Articles
|